Initial talks are underway between the two nations to gear up for the removal of sanctions and begin formal negotiations, the business daily the Nikkei reported on Wednesday, citing Japanese government sources.

Japan is eager to develop relations with Iran and invest in resource projects in the country, as well as return imports of Iranian oil to about 10 percent of the total from 5 percent now after sanctions forced Japanese refiners to cut purchases, it added.

The decision by Japan comes after Daishiro Yamagiwa, vice-minister of Japan's Ministry of Economy, Trade and Industry (METI), visited Tehran and met top government officials, accompanied by executives from the oil, gas and other industries.

After the conclusion of diplomatic talks between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14 in Vienna, foreign countries and companies are rushing to rekindle business with the Islamic Republic.

Dubbed the Joint Comprehensive Plan of Action (JCPOA), the deal would subject the parties to comply with a series of commitments, resulting in the termination of sanctions on Iran in exchange for certain restrictions on Tehran’s nuclear program during a defined period of time.

Experts believe that Iran’s economic growth would rise remarkably after the final nuclear deal takes effect.